EXIDE INDUSTRIES LIMITED Vs. JAGDISH CHANDER BAWA

JUDGEMENT

(1.) It appears that the appellant has directed this appeal against the impugned order dated 28.9.1999 passed by the District Forum probably on the erroneous view taken by the District Forum with regard to the directions and guidelines approved by SEBI with regard to sale and purchase of shares.

(2.) Admittedly appellant issued the shares in question on 31.10.1985. It is alleged by the respondent that corrections and alterations with regard to the number of shares and the dates were made by the respondent without authentication and without countersigning the same. As per SEBI guidelines and directions shares which carry corrections without counter signatures and without proper authentication are bad shares and cannot be sold through exchanges. But according to the appellant no such corrections were made. It is stated by the Counsel that the appellant only re-wrote the number of the shares as the numbers already mentioned were dim and illegible and there was no need for proper authentication.

(3.) According to the respondent when he asked his broker to sell the shares the shares were declared bad delivery by the National Exchange when these were sent by broker and as a consequence has suffered a loss of Rs.4,120.20.